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| ARTICLE      I ORGANIZATION                                                                     | 4  |
|-------------------------------------------------------------------------------------------------|----|
| ARTICLE      II GENERAL PARTNER                                                                 | 6  |
| ARTICLE      III LIMITS OF LIABILITY OF GENERAL PARTNER                                         | 8  |
| ARTICLE      IV LIMITED PARTNERS                                                                | 8  |
| ARTICLE      V ACCOUNTING                                                                       | 9  |
| ARTICLE      VI PROFIT AND LOSS                                                                 | 10 |
| ARTICLE      VII DISTRIBUTIONS OF PARTNERSHIP INCOME; REDEMPTIONS; WITHDRAWALS BY      PARTNERS | 12 |
| ARTICLE      VIII INDEMNIFICATION                                                               | 13 |
| ARTICLE      IX TERMINATION                                                                     | 14 |
| ARTICLE      X MISCELLANEOUS                                                                    | 15 |

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|  | Section      1.1   | Continuation and      Name.  The parties hereto do hereby continue a limited      partnership under the name Man-AHL Diversified I L.P. (the ‘Partnership’),      under the provisions of the Delaware Revised Uniform Limited Partnership      Act, as amended (the ‘PartnershipAct’). |
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|  | Section      1.2   | Purpose.  The      Partnership’s business and purpose is to seek capital appreciation through      trading, directly and indirectly, in commodities, futures contracts,      forward contracts, security futures contracts, swap transactions, options      on the foregoing, other derivative instruments and hybrid instruments, and      other instruments and investments, in each case of every kind and      character, traded on United States and non-United States exchanges and      markets (including the over-the-counter markets), and securities      including, but not limited to, equity securities, limited partnership      interests, general partnership interests, membership interests,      fixed-income securities, notes, debentures, convertible securities,      depositary receipts, options (including without limitation, listed and      over-the-counter options and the writing of options, whether or not      covered), rights, warrants, mutual fund shares and other securities      (sometime collectively referred to as ‘securities’); to engage in such      other futures and securities related activities or transactions as      determined in good faith by the General Partner from time to time; to lend      or borrow funds and securities (in each case, on a secured or unsecured      basis and in such amounts and on such terms as determined in good faith by      the General Partner from time to time); to establish subsidiaries and to      invest in other investment vehicles, including investment vehicles      affiliated with the General Partner, in each case as the General Partner      may determine in its sole discretion; to open and close accounts with      banks, brokers and dealers, including futures commission merchants,      introducing brokers, floor brokers and executing brokers; and to conduct      such other activities and retain such agents, independent contractors,      attorneys, accountants and commodity trading advisors as determined by the      General Partner to be necessary, in the best interests of the Partnership,      advisable, desirable or incidental to carrying out the purposes of the      Partnership. Without limitation of the foregoing, the General Partner      initially has appointed Man-AHL (USA) Limited (the ‘Trading Advisor’) as      the trading advisor to thePartnership. |
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|  | Section      1.3   | Term.  The      Partnership came into existence on September 29, 1997, the date that the      certificate of limited partnership of the Partnership (the ‘Certificate of      Limited Partnership’) was filed as provided under the Partnership Act, and      shall terminate on December 31, 2037, unless earlier terminated as      hereinafter provided or by operation oflaw. |
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|  | Section      1.4   | Principal      Office.  The principal place of business of the      Partnership is located at 123 N. Wacker Drive, 28th      Floor, Chicago, Illinois 60606, or at such other location as may from time      to time be determined by the GeneralPartner. |
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|  | Section      1.5   | Partnership Administrative      Powers.  The General Partner is hereby authorized to      admit additional limited partners and general partners to the Partnership,      to file, prosecute, defend, settle or compromise any and all actions at      law or suits in equity for or on behalf of the Partnership with respect to      any claim, demand or liability asserted or threatened by or against the      Partnership, and to execute, acknowledge, deliver, file and record on      behalf of the Partnership in the appropriate public offices: (a) all      statements, certificates and other instruments (including, without      limitation, all counterparts of this Agreement, all amendments hereto, the      Certificate of Limited Partnership and all amendments thereto) which the      General Partner deems appropriate to qualify or continue the Partnership      as a limited partnership in the jurisdictions in which the Partnership may      conduct business or which |
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|  | Section      1.6   | Units.  As      used in this Agreement, the term ‘Unit’ is defined as an interest in the      Partnership acquired upon the making of a capital contribution by the      General Partner or a Limited Partner. The General Partner’s capital      contribution shall be represented by Units of General Partnership      Interest, and a Limited Partner’s capital contributions shall be      represented by Limited Partnership Units. The purchase price of each      Limited Partnership Unit shall be the then prevailing Net Asset Value per      Limited Partnership Unit (exclusive of upfront selling commissions, if      any). When used in this Agreement without qualification, the term ‘Unit’      shall include both Limited Partnership Units and General Partnership      Units, pari passu. The Units may, but need not, be evidenced by      certificates. |
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|  | Section      1.7   | Offerings of Limited      Partnership Units.  The General Partner shall have the      authority to cause the Partnership from time to time, at the expense of      the Partnership or otherwise, to offer Limited Partnership Units,      including in separate series and classes, for sale by means of public or      private offerings on a continuous basis or otherwise and, in connection      therewith, to cause the Partnership to prepare and file such registration      statements, disclosure documents, amendments, selling agreements and other      documents and agreements as the General Partner shall deem advisable to      offer and qualify the Limited Partnership Units for sale under the      securities, commodities or other applicable laws of the United States and      such states of the United States and such non-U.S. countries and      jurisdictions as the General Partner shall deem appropriate. The General      Partner, its affiliates or third parties may advance funds or incur      expenses in connection with any such offering of Limited Partnership Units      for which it, its affiliates and such other persons shall be reimbursed by      the Partnership, subject to any restrictions to which they may agree or      which may be imposed by any applicable law or administrative regulation.      In connection with any offering of Limited Partnership Units, the General      Partner shall have the unilateral right and the authority, exercisable in      its sole discretion upon written notice to the Limited Partners, to amend      the provisions of this Agreement in order to amend, modify, liberalize or      restrict the terms and conditions upon which existing or additional      Limited Partners may make additional capital contributions to the      Partnership or may be admitted to the Partnership and the terms and      conditions upon which Limited Partners may redeem Limited Partnership      Units. |
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|  | Section      1.8   | Net      Asset Value. |
|--|------------------------------|-----------------------|

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|  | Section      2.1   | Management. |
|--|------------------------------|-------------|

|  | Section      2.2   | Other      Business. |
|--|------------------------------|----------------------|

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|  | Section      2.3   | Sharing in Profits and      Losses. The General Partner shall share in all Partnership income,      gains, losses, deductions and credits to the extent of its      Units. |
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|  | Section      2.4   | General Partner’s Capital      Contributions.  Unless the General Partner is otherwise      notified by counsel to the Partnership, the General Partner shall make and      maintain a capital contribution to the Partnership in an aggregate amount      equal to the lesser of (a) 1.01% of the aggregate net capital      contributions made to the Partnership by all Partners from time to time      (including the General Partner’s capital contributions) or (b) $500,000.      The General Partner may not make any transfer or withdrawal of its      contribution to the Partnership or receive any distribution of any portion      of its Units while it is a general partner which would reduce its Book      Capital Account to less than its required interest. The General Partner      may contribute any greater amount to the Partnership. The General Partner      may redeem, or receive a distribution on, any Units which represent      capital in excess of its required interest without notice to the Limited      Partners. |
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|  | Section      2.5   | No Personal Liability for      Return of Capital.  The General Partner shall not be      personally liable for the return or repayment of all or any portion of the      capital contributions or profits of any Partner (or assignee), it being      expressly agreed that any such return or repayment of capital or profits      made pursuant to this Agreement shall be made solely from the assets of      the Partnership (which shall not include any right of contribution from      the General Partner). |
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|  | Section      2.6   | Fees      and Expenses. |
|--|------------------------------|-------------------------|

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|  | Section      2.7   | Appointment of      Brokers.  Subject to applicable law, the General Partner      may designate from time to time one or more banks, brokers, dealers,      clearing associations, depositories, futures commission merchants,      introducing brokers, executing brokers, floor brokers, swap dealers or      other financial institutions or persons (each a ‘Broker’ and collectively      the ‘Brokers’), including Brokers affiliated with the General Partner, to      execute transactions with or on behalf of the Partnership and to perform      such other services for the Partnership as such Broker and the General      Partner may agree upon from time totime. |
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|  | Section      2.8   | Withdrawal.  Except      as provided in Section 7.2, below, the General Partner may not withdraw      from the Partnership except upon 30 days’ prior written notice to the      Limited Partners. |
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|  | Section      3.1   | Limits of      Liability.  Neither the General Partner nor the Trading      Advisor shall be liable to the Partnership or to any of its Partners or      their successors or assigns for any act or failure to act taken or omitted      by it in good faith and in a manner reasonably believed to be in or not      opposed to the best interests of the Partnership if such act or failure to      act did not constitute negligence, willful misconduct or a breach of      fiduciary obligations. Nothing herein shall in any way constitute a waiver      or limitation of any rights which the Partnership or its Partners may have      under U.S. Federal or state securities laws or other applicable      law. |
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|  | Section      4.1   | Rights and      Obligations.  The rights and obligations of the Limited      Partners are governed by the provisions of the Partnership Act and by this      Agreement. Except as otherwise provided herein, no Limited Partner shall      be personally liable for any of the debts of the Partnership or any losses      thereof beyond the amount of its capital contribution and profits      attributable thereto (if any), whether or not distributed, together with      interest thereon, except to the extent expressly provided in the      provisions of the Partnership Act. No Limited Partner shall take part in      the management of the business of or transact any business for the      Partnership, and no Limited Partner shall have power to sign for or to      bind the Partnership. No Limited Partner shall be entitled to the return      of its contribution except (a) to the extent, if any, that distributions      made, or deemed to be made, pursuant to this Agreement, may be considered      as such by law, (b) upon dissolution of the Partnership, or (c) upon      withdrawal or redemption and then only to the extent provided for in this      Agreement. No Limited Partner shall have priority over any other Limited      Partner either as to the return of capital contributions or as to profits,      losses or distributions. |
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|  | Section      4.2   | Admission of Additional Limited      Partners.  Subject to the rights reserved to the General      Partner in Section 1.6 and Section 1.7, above, and compliance with      applicable laws, the General Partner may, at its option, admit |
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|  | Section      4.3   | Capital.  Subject      to the rights reserved to the General Partner in Section 1.6 and Section      1.7, above, and compliance with applicable laws, each Limited Partner      shall be required to make a minimum initial capital contribution to the      Partnership equal to $50,000 (exclusive of upfront selling commissions, if      any). The General Partner shall have the right to refuse any initial or      additional capital contribution in whole or in part for any reason and      may, in its sole discretion, waive or increase the amount of such minimum      initial capital contribution from time totime. |
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|  | Section      4.4   | Reinvestment of      Profits.  The Partners recognize that the profitability      of the Partnership depends upon long-term, uninterrupted investment of      capital. It is agreed, therefore, that Partnership profits may be      automatically reinvested and that distributions of capital and gains, if      any, to the Partners will be on a limited basis. Nevertheless, the Limited      Partners contemplate the possibility that one or more of their number may      elect to realize and withdraw gain, if any, or may desire to withdraw      capital, prior to the dissolution of the Partnership pursuant to the      redemption provisions of thisAgreement. |
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|  | Section      4.5   | No Transfer Without      Notice.  Each Limited Partner expressly agrees that it      will not assign, transfer or dispose of, by gift or otherwise, any of its      Units or any part or all of its right, title and interest in the capital      or profits of the Partnership in violation of any applicable federal or      state securities laws or without giving written notice to the General      Partner.  No assignment, transfer or disposition by an assignee      of Units or of any part of its right, title and interest in the capital or      profits of the Partnership shall be effective against the Partnership or      the General Partner until the General Partner receives the written notice      of the assignment; the General Partner shall not be required to give any      assignee any rights hereunder prior to receipt of such      notice.  The General Partner may, in its sole discretion, waive      any such notice.  No such assignee, except with the consent of      the General Partner, may become a substituted Limited Partner, nor will      the estate or any beneficiary of a deceased Limited Partner or assignee      have any right to redeem Units from the Partnership except by redemption      as provided herein.  Each Limited Partner agrees that with the      consent of the General Partner any assignee may become a substituted      Limited Partner without need of the further act or approval of any Limited      Partner. If the General Partner withholds consent, an assignee shall not      become a substituted Limited Partner, and shall not have any of the rights      of a Limited Partner, except that the assignee shall be entitled to      receive that share of capital and profits and other economic benefits and      shall have that right of redemption to which his or her assignor would      otherwise have been entitled. No assignment, transfer or disposition of      Units shall be effective against the Partnership or the General Partner      until the first business day of the calendar month following the month in      which the General Partner receives notice of such assignment, transfer or      disposition. The General Partner will send written confirmation to both      the transferors and transferees of Units that the transfers in question      have been duly recorded on the Partnership’s books and records. The      General Partner will not permit the assignment, transfer or disposition of      Units where, after the assignment, transfer or disposition, either the      Limited Partner or the assignee would hold less than the minimum number of      Units equivalent to an initial minimum purchase for the relevant Class of      Units (as stated in the then-current confidential private offering      memorandum in respect of the Units), except for assignments, transfers or      dispositions by gift, inheritance, intrafamily transfers, family      dissolutions or transfers to affiliates of the Limited      Partner. |
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|  | Section      5.1   | Books of Account; Fiscal      Year.  Proper books of account shall be kept under the      accrual method of accounting, and there shall be entered therein all      transactions relating to the Partnership’s business in accordance with      U.S. generally accepted accounting principles, except as otherwise      expressly provided in this Agreement. Each Partner shall have access at      reasonable times and at reasonable intervals to all books, records and      accounts of the Partnership during normal business hours at the offices of      the General Partner. The fiscal year of the Partnership shall end on      December 31 of each year unless otherwise required by Section 706(s) of      the Code and the Treasury Regulations promulgated    thereunder. |
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|  | Section      5.2   | Valuation.  Except      as otherwise expressly provided in this Agreement, in determining the      accounts of the Partnership for all purposes, the assets and liabilities      of the Partnership shall be valued at fair market value in accordance with      U.S. generally accepted accounting principles, consistently applied under      the accrual method of accounting, and the Partnership may, but shall not      be required to, set up reserves against doubtful accounts and contingent,      undetermined and unliquidatedliabilities. |
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|  | Section      5.3   | Effect of Accounting      Determination.  Except with respect to the distributive      interest of Partners determined in accordance with the provisions of this      Agreement, the accounts of the Partnership, as ascertained and determined      at the end of each fiscal year, shall be conclusive upon each Limited      Partner, unless it shall make objection to the same in writing, delivered      to the Partnership within 20 days after receipt by the Limited Partner of      a statement of its account as sent to each Limited Partner at the end of      each fiscal year. In the absence of such written objection, the accuracy      of each account shall not thereafter be questioned by any Limited Partner      or by its legal representatives. |
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|  | Section      5.4   | Annual Reports and Monthly      Statements.  Each Limited Partner shall be furnished with      unaudited monthly financial statements which are expected to be delivered      not later than 30 days following the end of the calendar month, audited      annual financial statements relating to the operations of the Partnership      which are expected to be delivered not later than 90 days following the      end of the Partnership’s fiscal year and such other reports as are      required to be given to Limited Partners by any governmental authority      which has jurisdiction over the activities of the Partnership. Limited      Partners also may be furnished with any other reports or information which      the General Partner, in its discretion, determines to be necessary or      appropriate. Appropriate tax information adequate to enable each Limited      Partner to complete and file its U.S. federal income tax return with      respect to its Units, if applicable, is expected to be delivered to each      Limited Partner no later than 90 days following the end of each fiscal      year. |
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|  | Section      6.1   | Capital Accounts. The      Partnership shall establish for each Partner a capital account for income      tax Purposes (‘Tax Capital Account’) and a capital account for financial      accounting purposes (‘Book Capital Account’). The initial balance of the      Tax Capital Account and the Book Capital Account for each Partner shall be      the initial capital contribution made to the Partnership by such Partner      and shall be adjusted as provided in this Article  VI. |
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|  | Section      6.2   | Adjustments to Tax Capital      Accounts.  The initial balance of the Tax Capital Account      of each Partner shall be: |
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|  | Section      6.3   | Adjustments to Book Capital      Accounts.  The initial balance of the Book Capital      Account of each Partner shall be: |
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|  | Section      6.4   | Additional Adjustments to Book      Capital Accounts.  As of the close of business on (a) the      last business day of each calendar month, (b) the first business day of      each calendar month, (c) if other than the last business day of a calendar      month, the day on which an actual or deemed distribution of any      Partnership property is made in cash or in kind or by redemption of any      Units or otherwise, and (d) if other than the first business day of a      calendar month, the day on which any cash or other property is contributed      to the Partnership, the Book Capital Account of each Partner shall be      adjusted as follows: |
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|  | Section      6.5   | Allocation of Tax Profit and      Loss.  Subject to Sections 1.6 and 1.7, above, and      Section 6.7, below, all items of income, gain, loss and deduction      (including items of income or gain which are not subject to U.S. federal      income taxation and expenditures described in Section 705(a)(2)(B) of the      Code) shall be allocated among the Partners for each fiscal year of the      Partnership as follows: |
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|  | Section      6.6   | Definitions.  For      purposes of this Agreement, the following terms shall have the following      meanings: |
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|  | Section      6.7   | Equitable      Allocations.  The General Partner may make such other or      additional allocations of income, gain, loss and deduction among the Units      or the Partners as are, in the General Partner’s reasonable discretion,      equitable in order to eliminate, to the extent possible, any disparities      existing between the Book Capital Accounts and Tax Capital Accounts of the      Partners and to allocate income, gain, loss and deduction in conformity      with U.S. federal income tax principles among the Partners in accordance      with their respective interests in the  Partnership. |
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|  | Section      7.1   | Distributions to      Partners.  The General Partner shall have sole discretion      in determining the amount and frequency of distributions (other than      withdrawals or redemptions by Limited Partners) which the Partnership      shall make. All distributions shall be made in cash pro rata to the      respective Book Capital Accounts of the Partners which hold Units as of      the last day of the Accounting Period to which the distribution      relates. |
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|  | Section      7.2   | Redemptions. |
|--|------------------------------|--------------|

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|  | Section      7.3   | Withdrawal of a Limited      Partner.  The withdrawal of a Limited Partner shall occur      in the event of the death, expulsion, dissolution, legal incapacity or      bankruptcy of the Limited Partner or upon its request for redemption of      all of its Units or if for any other reason it ceases to be a Limited      Partner (other than the termination of the  Partnership). |
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|  | Section      7.4   | Timing of      Withdrawal.  The withdrawal of a Limited Partner shall      not occur for purposes of computing the withdrawing Limited Partner’s      distributive interest pursuant to this Agreement until the last business      day of the calendar month in which both (a) such event has taken place and      (b) the General Partner has been appropriately informed in writing of such      event. For all other purposes of this Agreement, such withdrawal shall be      deemed to have occurred on the date upon which notice or knowledge thereof      is received at the principal place of business of the      Partnership. |
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|  | Section      7.5   | Distribution on      Withdrawal.  Upon the withdrawal of a Limited Partner or      upon the termination of the Partnership, all in accordance with the terms      of this Agreement, each withdrawing Limited Partner, or each Partner, as      the case may be, shall be paid its respective distributive interest in      cash pro rata in accordance with the respective Book Capital Accounts of      the withdrawing Partners. |
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|  | Section      7.6   | Time and Method of      Payment.  The distributive interest of any Partner      withdrawing pursuant to this Agreement shall be paid by sending a check      for the amount to the address specified by the Limited Partner. Subject to      certain restrictions, one hundred percent (100%) of the redemption amounts      payable will be paid to the redeeming Limited Partner within 30 business      days of the redemption date. At the option and expense of the redeeming      Limited Partner, such redemption proceeds may be paid by wire transfer to      an account designated by the Limited Partner in its request for      redemption. |
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|  | Section      7.7   | Continuance of      Partnership.  Neither the complete withdrawal nor the      partial withdrawal of a Limited Partner, in and of itself, shall terminate      or dissolve the Partnership. |
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|  | Section      7.8   | Rights and Obligations Upon      Withdrawal.  Upon the complete withdrawal of a Limited      Partner, all of its rights in specific Partnership property of every kind      whatsoever, including, all books of account, records, and papers of the      Partnership, shall immediately and without further assignment, pass to and      become vested in the remaining or surviving Partners. The withdrawing      Limited Partner and its legal representatives shall have only the right to      receive the distributions to withdrawn Limited Partners provided for under      this Agreement. A withdrawn Limited Partner or its legal representatives      shall have such access to the books and other data of the Partnership to      the extent necessary to obtain full information with respect to its      distributive interest, but this right continues only until its      distributive interest has been determined as provided in this      Agreement. |
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|  | Section      7.9   | Successor Obligations Upon      Death or Legal Disability of a Limited Partner.  Upon the      death or legal disability of a Limited Partner, its interest in the      Partnership shall pass to its heirs or legal representatives. Each Limited      Partner expressly agrees that in the event of its death it waives on      behalf of itself and its estate, and it directs the legal representative      of its estate and any person interested therein to waive, the furnishing      of any inventory, accounting or appraisal of the assets of the Partnership      and any right to an audit or examination of the books of the      Partnership. |
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|  | Section      7.10   | Directed      Withdrawal.  The General Partner, at any time and for any      reason in its sole discretion, may give notice in writing to any Limited      Partner requiring that such Limited Partner shall withdraw, in full or in      such part as specified in such notice, from the Partnership upon the date      specified in the notice. Upon the date specified as the withdrawal date in      such notice, the Limited Partner designated in the notice, if required to      withdraw in full, shall be deemed to have withdrawn from the Partnership      without any further action either on the part of such Limited Partner or      on the part of any other Partner. Thereafter, the interest of the Limited      Partner so designated in the notice shall be treated in the same manner as      the interest of a withdrawn Limited Partner, and it shall have only the      rights of a withdrawn Limited Partner, as provided in this      Agreement. |
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|  | Section      8.1   | Indemnification of the General      Partner, the Trading Advisor and their Affiliates. |
|--|------------------------------|----------------------------------------------------------------------------------------|

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|  | Section      8.2   | Indemnification by      Partners.  In the event that the Partnership, the General      Partner, the Trading Advisor or any of their affiliates is made a party to      any Proceeding or otherwise incurs any Losses as a result of, or in      connection with (a) any Partner’s (or its assignee’s) activities,      obligations or liabilities unrelated to the Partnership’s business or (b)      any failure or alleged failure on the part of the Partnership or the      General Partner to withhold from income or gains allocated or deemed to be      allocated to any Partner (or its assignees), whether or not distributed,      any amount with respect to which U.S. federal income tax withholding was      required or alleged to have been required, such Partner (or its assignees      cumulatively) shall indemnify, defend, hold harmless and reimburse the      Partnership, the General Partner, the Trading Advisor and their affiliates      for such Losses to which they shall become  subject. |
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|  | Section      9.1   | Dissolution.  The      Partnership shall terminate and shall immediately be dissolved on December      31, 2037, or earlier: (a) upon the insolvency or bankruptcy of the      Partnership; (b) upon the dissolution or other cessation to exist as a      legal entity of the General Partner or upon the retirement, removal,      adjudication of bankruptcy or insolvency, dissolution or withdrawal of the      General Partner unless a successor general partner has been elected by the      Limited Partners or admitted by the General Partner or an additional      general partner or additional general partners have been admitted by the      General Partner prior to the date of any such event and such additional      general partner(s) or successor general partner elects to continue the      business of the Partnership; (c) at the election of the General Partner,      or of all general partners, if there is more than one, upon 60 days’      notice to the Limited Partner; or (d) upon the vote of Limited Partners      holding a majority-in interest of all outstanding Limited Partnership      Units (not including any Limited Partnership Units held by the General      Partner). The death, legal disability, incapacity, insolvency, bankruptcy,      dissolution or withdrawal of any Limited Partner shall not result in the      dissolution or termination of thePartnership. |
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|  | Section      9.2   | Final      Accounting.  Upon the dissolution of and failure to      reconstitute the Partnership, an accounting shall be made of the accounts      of the Partnership and of the Book Capital Account of each Partner, and of      the Partnership’s assets, liabilities and changes in financial condition      from the date of the last previous accounting to the date of such      dissolution. The General Partner, or such person or persons designated by      it, shall act as liquidating trustee or trustees and immediately proceed      to wind up and terminate the business and affairs of the Partnership and      liquidate the property and assets of the Partnership. In the event the      dissolution is caused by the death, legal disability, incapacity,      dissolution, insolvency or bankruptcy of the sole remaining General      Partner, the liquidating trustee or trustees shall be designated in      accordance with the majority-in-interest of the Limited      Partners. |
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|  | Section      9.3   | Distribution.  Upon      the winding-up and termination of the business and affairs of the      Partnership, its liabilities and obligations to creditors and all expenses      incurred in liquidation shall be paid, and its remaining assets shall be      distributed pro rata to the Partners in accordance with their respective      Book Capital Accounts as determined under |
|--|------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | Section      9.4   | Use of Firm Name Upon      Dissolution.  At no time during the operation of the      Partnership or upon the termination and dissolution of the Partnership      shall any value be placed upon the firm name, or the right to its use, or      to the goodwill, if any, attached thereto, either between the Partners or      for the purpose of determining any distributive interest of any Partner in      accordance with this Agreement. The legal representatives of any deceased      Partner shall not have any right to claim such  value. |
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|  | Section      9.5   | Balance Owed by the General      Partner.  In the event that there is a negative balance      in the Book Capital Account of the General Partner upon liquidation after      all adjustments to Book Capital Accounts have been made hereunder, whether      by reason of losses in liquidating Partnership assets or otherwise, the      negative balance shall represent an obligation from the General Partner to      the Partnership to be paid in cash by the close of the taxable year in      which such liquidation occurs or, if later, within 90 days after such      liquidation, and the amount thereof shall be distributed to creditors of      the Partnership or to the Partners with a positive balance in their Book      Capital Accounts in accordance with Section 9.3,  above. |
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|  | Section      10.1   | Notices.  All      notices or other communications required or permitted to be given pursuant      to this Agreement shall be effective only if in writing and shall be      considered as properly given or made, if sent by facsimile, if personally      delivered, if mailed, postage prepaid, or if telegraphed, by prepaid      telegram, and addressed, if to the General Partner, to it at the address      of the Partnership, and if to a Limited Partner, to the address of such      Limited Partner as reflected in the books and records of the Partnership      from time to time. Any Limited Partner may change its address by giving      notice in writing to the General Partner stating its new address, and the      General Partner may change its address by giving such notice to all      Partners. Commencing on the tenth day after the giving of such notice,      such newly designated address shall be such Partner’s address for the      purpose of all notices or other communications required or permitted to be      given pursuant to this Agreement. |
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|  | Section      10.2   | Amendments;      Meetings. |
|--|-------------------------------|----------------------------|

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|  | Section      10.3   | Sale or Pledge of Assets;      Termination of the Partnership.  All or substantially all      of the Partnership’s assets may be sold or pledged or the Partnership may      be dissolved by the affirmative vote of a majority-in-interest of all      outstanding Units with the consent of the General Partner at a meeting      called and conducted in accordance with Section 10.2, above. However,      nothing contained in this Section 10.3, Sections 1.6 and 1.7, above,      Section 10.4, below, or in any other section of this Agreement shall imply      that the Limited Partners have any rights of management or control over      the operations of the Partnership. |
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|  | Section      10.4   | Election or Removal of the      General Partner.  The General Partner or any successor      may be elected or removed from office by the affirmative vote of the      holders of one hundred percent (100%) in interest of all outstanding      Limited Partnership Units at a meeting called and conducted in accordance      with Section 10.2, above. Subject to the rights reserved to the General      Partner in Sections 1.6 and 1.7, above, and compliance with all applicable      laws, the General Partner, in its sole and absolute discretion, may admit,      at its option, one or more additional or substitute (for itself) general      partners to the Partnership as of the last business day of any calendar      month upon their execution of a counterpart of this Agreement upon 30      days’ prior written notice to thePartners. |
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|  | Section      10.5   | Execution.  This      Agreement may be executed in more than one counterpart with the same      effect as if the Partners executing the several counterparts had all      executed the same counterpart. |
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|  | Section      10.6   | Successors in      Interest. |
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|  | Section      10.7   | Governance.  Each      of the Partners agrees that if any action shall be taken pursuant to this      Agreement by the required percentage-in-interest of the Limited      Partnership Units, it will execute any such writing or instrument as may      be necessary to carry out and perfect such action notwithstanding that      said party may not have assented thereto or may have objected thereto.      Partnership action covered within the scope of this clause includes, but      is not limited to, the adoption of any Certificate of Limited Partnership      or any amendment thereto, any instrument effecting or evidencing the      withdrawal of a Partner and any amendment or supplement to this      Agreement. |
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|  | Section      10.8   | Ownership of Partnership      Assets.  Any assets owned by the Partnership may be      registered in the Partnership’s name, or in the name of a nominee, or in a      ‘street name.’ Any corporation, Broker, custodian, clearing association,      depository or transfer agent called upon to transfer any assets to or from      the name of the Partnership shall be entitled to rely upon instructions or      assignments signed by the General Partner without inquiry as to the      authority of the person signing such instructions or assignments or as to      the validity of any transfer to or from the name of the Partnership;      provided, however, that any corporation, Broker, custodian, clearing      association, depository or transfer agent holding cash or assets of the      Partnership shall be expected to comply with any special instructions      concerning payment and delivery given to it in writing by the General      Partner. |
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|  | Section      10.9   | Rights of      Creditors.  A creditor who makes a nonrecourse loan to      the Partnership shall not have or acquire at any time, solely as a result      of making the loan, any direct or indirect interest in the profits,      capital or property of the Partnership, other than as a creditor or      secured creditor, as the case maybe. |
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|  | Section      10.10   | Arbitration.  All      controversies arising in connection with the Partnership’s business and      between or among the Partners, shall be settled by arbitration, to be held      in the City of New York, State of New York, under the then prevailing      rules of the National Futures Association, or if no such rules are then      obtaining or if jurisdiction is declined, then in accordance with the      rules then obtaining of the American Arbitration Association. In any such      arbitration, each of the parties hereto agrees to request from the      arbitrators that: (a) the authority of the arbitrators shall be limited to      construing and enforcing the terms and conditions of the Agreement as      expressly set forth herein; (b) the arbitrators shall state the reasons      for their award in a written opinion; (c) the arbitrators shall not make      any award which shall alter, change, cancel or rescind any provision of      this Agreement; and (d) the arbitrators’ award shall be consistent with      the provisions of this Agreement. The award of the arbitrators shall be      final and binding, and judgment may be confirmed and entered thereon in      any court of competentjurisdiction. |
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|  | Section      10.11   | Investment      Representations.  By executing this Agreement, each      Limited Partner hereby represents and warrants to the General Partner as      follows: |
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|  | Section      10.12   | Assignment.  The      General Partner shall not assign this Agreement without the consent of      each Limited Partner. |
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|  | Section      10.13   | Compliance with the Investment      Advisers Act of 1940.  To the extent that any provision      hereof may be construed in a manner inconsistent with the Investment      Advisers Act of 1940, it is the express intent of the General Partner and      the Limited Partners that such provision be interpreted and applied ab      initio so as to comply with the Investment Advisers Act of 1940 in all      respects (even if doing so effectively amends the terms of this      Agreement). |
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